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Managing Risk
Lucy Fanger, Michelle Hirsch and
Chrissy Walters
September 24, 2019
2
Introduction
Lucy Fanger, Owner
• Founder and CEO of On Technology Partners,
a woman-owned technology company
developing partnerships with various local and
national companies through planning and
strategic design
• 25 years of experience
• Passionate about helping people and making a
difference in the business community in Ohio
and across the countrylfanger@ontechpartners.com
linkedin.com/in/lucy-fanger-5412581/
216-920-3100
3
Introduction
Michelle Hirsch, Brunswick
Companies
• Senior Vice President of Brunswick
Companies, a third-generation family-owned
insurance and risk management consulting
firm, serving clients nationwide
• Provides P&C insurance services to
companies, aspiring and accomplished
individuals, families and professional athletes
• Bachelor’s degree from Penn State University
and MBA from Case Western University
Weatherhead School of Management
• Part of Crain’s Cleveland Business:
– Twenty in their 20’s (2008)
– Forty Under 40 (2017)
mlstein@brunswickcompanies.com
linkedin.com/in/michelles1/
800-686-8080
4
Introduction
Chrissy Walters, Skoda Minotti
• Principal in the firm’s Accounting and Auditing
Group
• Leads the firm’s Internal Audit niche
• 17 years of public accounting and industry
experience
• Background with Big 4 accounting firms in their
external audit group and specializing in internal
audit co-source and out-source engagements
for large manufacturing SEC companies
• Coordinated and developed new internal audit
services in India and Argentina to benefit U.S.
engagement teams
cwalters@skodaminotti.com
linkedin.com/in/chrissy-walters-5992207/
440-605-7178
5
Strategies to Mitigate Your IT Threats
1. Technology Risk
2. Cyber Security
3. Cyber-Liability
Insurance
6
Technology Risk
What you care about:
1. Loss of function
2. Loss of business
3. Loss of money
Technology Risk is
UNDERSTANDING
Cyber Security is
IMPLEMENTATION
7
Cyber Security
Protection from:
1. Ransomware
2. Phishing/Spoofing
Email Attacks
3. Viruses
4. Account Hijacking
8
Cyber Security
Things to do:
1. Backup
2. Antivirus
3. Patching
4. Multi-Factor Authentication
5. Strong passwords
a. Password Management
programs
b. do not use the same
password for all
accounts
c. change passwords
regularly
d. use multiple characters
- the more the better
9
Cyber-Liability Insurance
What is it good for?
1. It helps recovery after a
loss.
2. It can help save the
company after a
catastrophic loss.
Concerns:
1. Are you covered?
2. Can you afford the
insurance? “But surely you can’t put a price on your family’s
lives!”
– Ex-Con Home Security Guy
“I wouldn’t have thought so either, but, here we are.”
– Homer Simpson
10
Business Insurance Requires
• Knowledgeable
agent
• Access to network
of carriers
• Experienced in the
industry
• Strong business
acumen
11
Universe of Risk Advisors
Independent Brokers
Captive Agents
Direct Response Companies
12
Sample of Common Business Insurance
Coverages
• General liability
• Property coverage
• Product liability
• Cyber
• Commercial auto
• Workers compensation
• Boiler and machinery
• Business Interruption
• Employment Practices
liability
• Directors and officers
• Fiduciary liability
• Professional liability
• Inland marine
• Employers liability
• Umbrella
13
Deciding the Right Coverages
• Diving deep into your business
operations with your insurance
agent
• Understanding available
insurance coverage to help
mitigate business risks
• Defining contractual liability with
clients, suppliers, tenants and
subcontractors
• Implementing the insurance,
business process and
contractual changes
14
Why Insurance Review?
• When was your last
conversation with your
agent?
• Did it extend beyond
revenue and address
changes?
• When was the last time you
saw a side-by-side analysis
of several carriers’ coverage
and pricing for your
business?
75%
Percentage of U.S.
businesses significantly
underinsured
Insurance Journal
15
Commonly Misunderstood Business
Insurance Coverages:
• Cyber vs. crime
• Home-based business
coverage
• Hired non-owned auto
• Umbrella
• Business interruptions
insurance
• Elements of management
liability
• Professional liability
16
Cyber vs. Crime
• Cyber, social, crime,
data breach,
professional indemnity
• Cyber liability – To
insure loss of intangible
property
• Crime insurance –
Protect an insured
organization’s assets
from threat by employee
or third party
58%
Malware attack
victims are small
business
Verizon 2018 DBIR
$2.2M
Cost of cyber
attacks on small
business
Verizon 2018 DBIR
90%
Cyber attacks are
successfully executed
with credentials stolen or
socially engineered from
employees
Identity Management Institute
17
Home-Based Business
Homeowner’s policy excludes:
• Business property
• Business liability (extends off
premise)
• Additional coverage
50%
U.S. business
home-based
sba.gov 2016
18
Hired Non-Owned Auto
• Rented a car on a work
trip
• Support staff picked up
office supplies
• Driving to a conference
• Picking up lunch for an
office meeting
19
Umbrella
• Realizing the impact of
liability
• Extends liability
Coverage over primary
insurance policy
• Inexpensive premiums
20
Business Interruptions
• Different policy definitions
• Direct loss
• Contingent loss
• Extra expense
40%
Experienced a BI
loss and claim in
last five years
RIMS Business Interruption Survey
2017
21
Management Liability
• Directors and Officers (D&O) –
Protects Directors, Officers and
Employees against financial
impact from claims by
competitors, shareholders and
regulators
• Employment Practices
Liability Insurance (EPLI) –
Broad protection against
financial impact from claims
including discrimination, wrongful
termination, retaliation and
harassment
1 in 4
Private companies
experienced D&O
loss
Chubb Risk Survey 2016
7 of 10
Small businesses
don’t carry EPL
Chubb Risk Survey 2016
22
Professional Liability
• Errors and Omissions
(E&O) and malpractice
• Tail coverage
• Why is it different than
General Liability?
23
What Does a Broker Need to Quote?
• Expiration date
• Current policies
• Completed application
It’s important to
find a broker who
is experienced,
knowledgeable
and is willing to
help should a
claim arise.
24
Agenda
• Internal Audit Requirements
⮚ Public companies
⮚ Private companies
• Where to Start
• Process Documentation
⮚ High level
⮚ Instructional
• Your To-Do List
25
My Company is Fine….
“We’ve never had fraud…”
“Our employees know how to do their jobs...”
“We are very profitable…”
“Seems like a burden to undertake…”
• Are you prepared for unexpected changes to your
company?
• How will the company owners react if fraud occurs and you
didn’t take precautions to mitigate those risks?
• Can your company benefit from creating efficiencies?
26
IA Requirements for Public Companies
Public companies need to be compliant with Sarbanes-Oxley
- Document processes
- Conduct an annual risk assessment
- Prioritize risks (likelihood and impact)
- Identify or create controls to mitigate those risks
- Test controls to determine if effective
- Create remediation plans for ineffective controls
- Revisit every year or as needed
Does that seem overwhelming?... It doesn’t have to be!
27
Why are Public Companies Required to
Do All That?
• After Enron and WorldCom, investors lost
confidence in the accuracy of financial
statements
• Sarbanes-Oxley was enacted to combat
fraud, improve the reliability of financial
reporting and restore investor confidence
28
Benefits of Sarbanes-Oxley
Documentation helps by:
• Assigning responsibility to ensure accountability
• Identifies risks, controls or lack thereof
• Identifies process improvements
• Allows others to understand the process
– New employees
– Auditors
– Management
– Potential buyers (Less risky = higher price)
– Banks
29
Benefits of Sarbanes-Oxley
After getting a solid understanding of the process,
you can determine where controls are missing or if
current controls should be enhanced.
These new or enhanced controls make the
companies stronger by:
• Standardizing processes
• Creating efficiencies
• Reducing the risk of human error or fraud
30
Private Companies
Shouldn’t all companies be concerned about
the accuracy of their financial statements and
if there are ways to gain efficiencies or best
practices?
YES
31
One Bite at a Time
• Don’t make the process of incorporating controls stressful.
• Internal controls should help alleviate stress because you
are taking action against risky issues.
• If not required by Sarbanes-Oxley, you don’t need to cover
all processes at once.
• Focus on your riskiest area, tackle that, and then move
onto the next.
Any internal audit activity is better than none!!
32
Internal Audit Overview
We help our clients become stronger by improving
controls over their financial processes. We
accomplish this through process documentation, risk
assessments and the development of effective
testing programs.
• Risks
• Controls
• Process Improvement
33
Process Documentation
34
Are Your Eggs All in One Basket?
Think about your most crucial employees….
• What if any of those employees quit, or had to
take a sudden leave?
• Could your company run smoothly with little to no
downtime?
• What would that downtime cost your company?
– How much time would be spent to figure out their
tasks?
– Would you miss deadlines?
– Would business be disrupted?
35
Step-by-Step Instructions
Create instructions for those crucial roles
• Month end close
• Payroll
• General accounting
Create “click-by-click” instructions
1. Have the employee create their own instructions
2. Demonstrate those instructions to another employee
3. The other employee asks questions for steps that need
clarification
4. The other employee performs the task unassisted
36
Risk-Based Audit Approach
• First, identify the risks (lack of review, segregation of
duties issue, improper access, etc.)
• Develop controls to mitigate the risks
– Segregation of duties (Can’t create new vendors and cut checks)
– Review controls with defined steps (A signature is not enough)
– Access controls (Only allow essential access and remove timely)
– Checklists (processes such as the month end close)
• Create a testing program to verify control effectiveness;
perform testing at least annually
37
5-Step Plan
• Step 1: Document the process
• Step 2: Identify weaknesses
• Step 3: Improve or create controls
• Step 4: Create a remediation plan
• Step 5: Control testing
38
Consider Your Company
• Have you defined your company’s risks?
• Do you have a control to mitigate those risks?
• How do you know if those controls are effective?
• Can your company benefit from a fresh set of
eyes to help determine best practice and
efficiencies?
39
Your To-Do List
Assess your company…
• What are the risks?
• What are you doing about them?
It’s that simple.
40
Questions?
Michelle Hirsch
Senior Vice President
Brunswick Companies
mlstein@brunswickcompanies.com
Chrissy Walters
Principal
Accounting and Auditing
Group – Internal Audit
Skoda Minotti
cwalters@skodaminotti.com
Lucy Fanger
Founder and CEO
On Technology Partners
lfanger@ontechpartners.com

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Managing Risk

  • 1. Managing Risk Lucy Fanger, Michelle Hirsch and Chrissy Walters September 24, 2019
  • 2. 2 Introduction Lucy Fanger, Owner • Founder and CEO of On Technology Partners, a woman-owned technology company developing partnerships with various local and national companies through planning and strategic design • 25 years of experience • Passionate about helping people and making a difference in the business community in Ohio and across the countrylfanger@ontechpartners.com linkedin.com/in/lucy-fanger-5412581/ 216-920-3100
  • 3. 3 Introduction Michelle Hirsch, Brunswick Companies • Senior Vice President of Brunswick Companies, a third-generation family-owned insurance and risk management consulting firm, serving clients nationwide • Provides P&C insurance services to companies, aspiring and accomplished individuals, families and professional athletes • Bachelor’s degree from Penn State University and MBA from Case Western University Weatherhead School of Management • Part of Crain’s Cleveland Business: – Twenty in their 20’s (2008) – Forty Under 40 (2017) mlstein@brunswickcompanies.com linkedin.com/in/michelles1/ 800-686-8080
  • 4. 4 Introduction Chrissy Walters, Skoda Minotti • Principal in the firm’s Accounting and Auditing Group • Leads the firm’s Internal Audit niche • 17 years of public accounting and industry experience • Background with Big 4 accounting firms in their external audit group and specializing in internal audit co-source and out-source engagements for large manufacturing SEC companies • Coordinated and developed new internal audit services in India and Argentina to benefit U.S. engagement teams cwalters@skodaminotti.com linkedin.com/in/chrissy-walters-5992207/ 440-605-7178
  • 5. 5 Strategies to Mitigate Your IT Threats 1. Technology Risk 2. Cyber Security 3. Cyber-Liability Insurance
  • 6. 6 Technology Risk What you care about: 1. Loss of function 2. Loss of business 3. Loss of money Technology Risk is UNDERSTANDING Cyber Security is IMPLEMENTATION
  • 7. 7 Cyber Security Protection from: 1. Ransomware 2. Phishing/Spoofing Email Attacks 3. Viruses 4. Account Hijacking
  • 8. 8 Cyber Security Things to do: 1. Backup 2. Antivirus 3. Patching 4. Multi-Factor Authentication 5. Strong passwords a. Password Management programs b. do not use the same password for all accounts c. change passwords regularly d. use multiple characters - the more the better
  • 9. 9 Cyber-Liability Insurance What is it good for? 1. It helps recovery after a loss. 2. It can help save the company after a catastrophic loss. Concerns: 1. Are you covered? 2. Can you afford the insurance? “But surely you can’t put a price on your family’s lives!” – Ex-Con Home Security Guy “I wouldn’t have thought so either, but, here we are.” – Homer Simpson
  • 10. 10 Business Insurance Requires • Knowledgeable agent • Access to network of carriers • Experienced in the industry • Strong business acumen
  • 11. 11 Universe of Risk Advisors Independent Brokers Captive Agents Direct Response Companies
  • 12. 12 Sample of Common Business Insurance Coverages • General liability • Property coverage • Product liability • Cyber • Commercial auto • Workers compensation • Boiler and machinery • Business Interruption • Employment Practices liability • Directors and officers • Fiduciary liability • Professional liability • Inland marine • Employers liability • Umbrella
  • 13. 13 Deciding the Right Coverages • Diving deep into your business operations with your insurance agent • Understanding available insurance coverage to help mitigate business risks • Defining contractual liability with clients, suppliers, tenants and subcontractors • Implementing the insurance, business process and contractual changes
  • 14. 14 Why Insurance Review? • When was your last conversation with your agent? • Did it extend beyond revenue and address changes? • When was the last time you saw a side-by-side analysis of several carriers’ coverage and pricing for your business? 75% Percentage of U.S. businesses significantly underinsured Insurance Journal
  • 15. 15 Commonly Misunderstood Business Insurance Coverages: • Cyber vs. crime • Home-based business coverage • Hired non-owned auto • Umbrella • Business interruptions insurance • Elements of management liability • Professional liability
  • 16. 16 Cyber vs. Crime • Cyber, social, crime, data breach, professional indemnity • Cyber liability – To insure loss of intangible property • Crime insurance – Protect an insured organization’s assets from threat by employee or third party 58% Malware attack victims are small business Verizon 2018 DBIR $2.2M Cost of cyber attacks on small business Verizon 2018 DBIR 90% Cyber attacks are successfully executed with credentials stolen or socially engineered from employees Identity Management Institute
  • 17. 17 Home-Based Business Homeowner’s policy excludes: • Business property • Business liability (extends off premise) • Additional coverage 50% U.S. business home-based sba.gov 2016
  • 18. 18 Hired Non-Owned Auto • Rented a car on a work trip • Support staff picked up office supplies • Driving to a conference • Picking up lunch for an office meeting
  • 19. 19 Umbrella • Realizing the impact of liability • Extends liability Coverage over primary insurance policy • Inexpensive premiums
  • 20. 20 Business Interruptions • Different policy definitions • Direct loss • Contingent loss • Extra expense 40% Experienced a BI loss and claim in last five years RIMS Business Interruption Survey 2017
  • 21. 21 Management Liability • Directors and Officers (D&O) – Protects Directors, Officers and Employees against financial impact from claims by competitors, shareholders and regulators • Employment Practices Liability Insurance (EPLI) – Broad protection against financial impact from claims including discrimination, wrongful termination, retaliation and harassment 1 in 4 Private companies experienced D&O loss Chubb Risk Survey 2016 7 of 10 Small businesses don’t carry EPL Chubb Risk Survey 2016
  • 22. 22 Professional Liability • Errors and Omissions (E&O) and malpractice • Tail coverage • Why is it different than General Liability?
  • 23. 23 What Does a Broker Need to Quote? • Expiration date • Current policies • Completed application It’s important to find a broker who is experienced, knowledgeable and is willing to help should a claim arise.
  • 24. 24 Agenda • Internal Audit Requirements ⮚ Public companies ⮚ Private companies • Where to Start • Process Documentation ⮚ High level ⮚ Instructional • Your To-Do List
  • 25. 25 My Company is Fine…. “We’ve never had fraud…” “Our employees know how to do their jobs...” “We are very profitable…” “Seems like a burden to undertake…” • Are you prepared for unexpected changes to your company? • How will the company owners react if fraud occurs and you didn’t take precautions to mitigate those risks? • Can your company benefit from creating efficiencies?
  • 26. 26 IA Requirements for Public Companies Public companies need to be compliant with Sarbanes-Oxley - Document processes - Conduct an annual risk assessment - Prioritize risks (likelihood and impact) - Identify or create controls to mitigate those risks - Test controls to determine if effective - Create remediation plans for ineffective controls - Revisit every year or as needed Does that seem overwhelming?... It doesn’t have to be!
  • 27. 27 Why are Public Companies Required to Do All That? • After Enron and WorldCom, investors lost confidence in the accuracy of financial statements • Sarbanes-Oxley was enacted to combat fraud, improve the reliability of financial reporting and restore investor confidence
  • 28. 28 Benefits of Sarbanes-Oxley Documentation helps by: • Assigning responsibility to ensure accountability • Identifies risks, controls or lack thereof • Identifies process improvements • Allows others to understand the process – New employees – Auditors – Management – Potential buyers (Less risky = higher price) – Banks
  • 29. 29 Benefits of Sarbanes-Oxley After getting a solid understanding of the process, you can determine where controls are missing or if current controls should be enhanced. These new or enhanced controls make the companies stronger by: • Standardizing processes • Creating efficiencies • Reducing the risk of human error or fraud
  • 30. 30 Private Companies Shouldn’t all companies be concerned about the accuracy of their financial statements and if there are ways to gain efficiencies or best practices? YES
  • 31. 31 One Bite at a Time • Don’t make the process of incorporating controls stressful. • Internal controls should help alleviate stress because you are taking action against risky issues. • If not required by Sarbanes-Oxley, you don’t need to cover all processes at once. • Focus on your riskiest area, tackle that, and then move onto the next. Any internal audit activity is better than none!!
  • 32. 32 Internal Audit Overview We help our clients become stronger by improving controls over their financial processes. We accomplish this through process documentation, risk assessments and the development of effective testing programs. • Risks • Controls • Process Improvement
  • 34. 34 Are Your Eggs All in One Basket? Think about your most crucial employees…. • What if any of those employees quit, or had to take a sudden leave? • Could your company run smoothly with little to no downtime? • What would that downtime cost your company? – How much time would be spent to figure out their tasks? – Would you miss deadlines? – Would business be disrupted?
  • 35. 35 Step-by-Step Instructions Create instructions for those crucial roles • Month end close • Payroll • General accounting Create “click-by-click” instructions 1. Have the employee create their own instructions 2. Demonstrate those instructions to another employee 3. The other employee asks questions for steps that need clarification 4. The other employee performs the task unassisted
  • 36. 36 Risk-Based Audit Approach • First, identify the risks (lack of review, segregation of duties issue, improper access, etc.) • Develop controls to mitigate the risks – Segregation of duties (Can’t create new vendors and cut checks) – Review controls with defined steps (A signature is not enough) – Access controls (Only allow essential access and remove timely) – Checklists (processes such as the month end close) • Create a testing program to verify control effectiveness; perform testing at least annually
  • 37. 37 5-Step Plan • Step 1: Document the process • Step 2: Identify weaknesses • Step 3: Improve or create controls • Step 4: Create a remediation plan • Step 5: Control testing
  • 38. 38 Consider Your Company • Have you defined your company’s risks? • Do you have a control to mitigate those risks? • How do you know if those controls are effective? • Can your company benefit from a fresh set of eyes to help determine best practice and efficiencies?
  • 39. 39 Your To-Do List Assess your company… • What are the risks? • What are you doing about them? It’s that simple.
  • 40. 40 Questions? Michelle Hirsch Senior Vice President Brunswick Companies mlstein@brunswickcompanies.com Chrissy Walters Principal Accounting and Auditing Group – Internal Audit Skoda Minotti cwalters@skodaminotti.com Lucy Fanger Founder and CEO On Technology Partners lfanger@ontechpartners.com